Ideas Emerging

Big news out of Charlotte as Bank of America announced that it was committing $20 billion over the next tend years to fund companies that combat global warming by developing low-emissions technologies, lending money to big environmentally-friendly building projects, and offering consumers programs that will allow them to reduce their carbon footprints.

The bank will also make serious efforts to minimize its own impact on the environment — including investing $100 million in energy conservation measures and donating $50 million to several nonprofit organizations. Two new Bank of America office buildings — one in Charlotte and one in New York City — are designed to be full of energy efficient innovations. And the company offers its employees who purchase hybrid vehicles a $3000 credit to offset the cost of the car.

Consumers really stand to benefit from the new programs:

They will soon be able to sign up for an “eco-friendly” credit card program that for every dollar spent will contribute to greenhouse gas reduction projects. Home buyers also will have the opportunity to apply for a mortgage with a reduced interest rate or a $1,000 rebate if their new houses meet energy efficiency standards.

And some expert observers say the real boon might be for green tech startups:

While Silicon Valley venture capitalists have pumped billions into green startups over the past couple years, they traditionally do not finance factories or 250-megawatt solar power plants. The bank’s move also could create opportunities for green companies without access to Sand Hill Road VCs. “Today, we have a tremendous opportunity to support our customer’s efforts to build an environmentally sustainable economy – through innovative home and office construction, new manufacturing technology, changes in transportation, and new ways to supply our energy,” said Bank of America CEO Kenneth D. Lewis in a statement.

This is another huge example of a major business, with a lot of money on the line, taking the lead to combat a global problem.

– mvc